Global elderly mobility vehicle market is expected to flourish at a significant CAGR of 5.3% during the forecast period. Moreover, the global elderly mobility vehicle market is expected to garner USD 3.1 Billion by the end of 2024.
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“Elderly Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024”
The global elderly mobility vehicle market is segmented into application such as commercial and residential. Among these segments, residential elderly mobility vehicle segment is expected to occupy top position in overall elderly mobility vehicle market during the forecast period.
Rapid growth in aging population is expected to trigger the growth of the residential elderly mobility vehicle. Apart from this, rising number of people suffering from knee disorders are anticipated to boost the growth of the elderly mobility vehicle market.
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Growing old age population across the globe, favorable government initiatives and rising disposable income are some of the major factors which are envisioned to bolster the growth of the elderly mobility vehicle market during the forecast period.
North America captured the largest market share of overall elderly mobility vehicle market in 2016. Further, North America is likely to continue its dominance over the forecast period owing to the rising geriatric population in the region.
Moreover, favorable government reimbursement policies in U.S. are expected to surge the adoption of elderly mobility vehicle market.
Europe is projected to witness significant growth during the forecast period. This can be attributed to favorable government funded mobility allowances in the region.
For instance, motability scheme by U.K. government is anticipated to significantly impact the growth of the market.
Increasing Aging Population in the World
Growing old age population is expected to increase the demand for elderly mobility vehicle market during the forecast period. According to World Bank Group, the percentage of population aging 65 and above has witnessed a growth to 8.4% in 2016 from 7.6% in 2010.
Further, increasing mobility problems in old age population is anticipated to accelerate the growth of the elderly mobility vehicle market.
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Favorable Government Schemes and Policies
Government schemes and policies for old age population such as affordable care act, motability scheme and other such schemes are propelling the demand for elderly mobility vehicle market. Apart from this, collaboration of government agencies and mobility manufacturers is also expected to positively impact the growth of the market.
Although, high cost of elderly mobility vehicles and availability of alternatives such as wheelchair are some of the key factor which are likely to dampen the growth of elderly mobility vehicle market during the forecast period.
The report titled “Elderly Mobility Vehicle Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global elderly mobility vehicle market in terms of market segmentation by design type, by number of wheel, by application, by drive power and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global elderly mobility vehicle market which includes company profiling of Pride Mobility Concepts Corporation, Medical Depot, Inc., Golden Technologies, Solax Mobility, Amigo mobility international Inc., Invacare Corporation, Merits Health Products Inc., Sunrise Medical LLC, Van Os Medical B.V. and TGA Mobility. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global elderly mobility vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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